In this 1-hour chart of Japan 225, a bearish **Last Engulfing Top** pattern has formed, indicating a potential reversal after a bullish run. The engulfing candle suggests that sellers are gaining control, and a short position may be considered if the price continues to decline below the engulfing candle's low.
Key Points:
- Pattern Identification: The Last Engulfing Top is a strong bearish signal, occurring after a notable uptrend.
- Confirmation: The price is currently trading below the pattern, adding confidence to the bearish outlook.
- Potential Targets:Traders may target the support levels around 35,400 - 35,336 USD, with stops placed above the engulfing pattern near 36,294 USD.
Risk Management:
- Monitor for any bullish reversal signals that could invalidate this setup.
- Adjust stop-loss levels according to your risk tolerance and market conditions.
This setup offers a clear bearish opportunity, but as always, proper risk management is crucial when trading reversal patterns.
Key Points:
- Pattern Identification: The Last Engulfing Top is a strong bearish signal, occurring after a notable uptrend.
- Confirmation: The price is currently trading below the pattern, adding confidence to the bearish outlook.
- Potential Targets:Traders may target the support levels around 35,400 - 35,336 USD, with stops placed above the engulfing pattern near 36,294 USD.
Risk Management:
- Monitor for any bullish reversal signals that could invalidate this setup.
- Adjust stop-loss levels according to your risk tolerance and market conditions.
This setup offers a clear bearish opportunity, but as always, proper risk management is crucial when trading reversal patterns.
Trade active
A little bit choppy. but, it's on the way down.Trade closed: stop reached
SL
Tanakorn Koomrampai ,CMT, CFTe
FB page (International) : facebook.com/graphtechniq
FB page (Thai) : facebook.com/graphtechnic
Line @graphtechnic
FB page (International) : facebook.com/graphtechniq
FB page (Thai) : facebook.com/graphtechnic
Line @graphtechnic
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Tanakorn Koomrampai ,CMT, CFTe
FB page (International) : facebook.com/graphtechniq
FB page (Thai) : facebook.com/graphtechnic
Line @graphtechnic
FB page (International) : facebook.com/graphtechniq
FB page (Thai) : facebook.com/graphtechnic
Line @graphtechnic
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.